Pressure mounts as currency outflow intensifies
The deficit in the financial account stood at $9.25 billion in July-March of the current fiscal year, Bangladesh Bank data showed. It was $2.92 billion in the first nine months of the previous fiscal year and $8.46 billion in July-February of 2023-24.
April food prices cross 10%, highest in five months
According to the Bangladesh Bureau of Statistics (BBS), food inflation jumped 35 basis points to 10.22 percent last month from 9.87 percent in March. This was the first time in five months that food inflation hit double digits.
Make budget tight, control inflation
Prime Minister Sheikh Hasina yesterday directed the finance ministry to formulate a contractionary budget for the upcoming fiscal year to control inflation.
Handset production sees a slight rise amid bleak outlook
Handset production rose 5.30 percent year-on-year in the first quarter of this year to 60.74 lakh, according to the Bangladesh Telecommunication Regulatory Commission (BTRC).
Health, education face spending cuts again
Education and health sectors are set to get less Annual Development Plan allocation than prescribed in the eighth five-year plan.
Interest, exchange rates to become stable: BAB
The economy will run at its own pace and the foreign exchange rate and interest rate will hover at a certain range following the kerb market, said Nazrul Islam Mazumder, chairman of the Bangladesh Association of Banks.
Credit card use up 17% in March
Bangladesh Bank data showed that transactions through credit cards increased to Tk 3,490 crore in March. Of the amount, Tk 2,985 crore was spent within the country while the remaining was spent abroad.
LafargeHolcim’s profit drops for first time since 2022's Q1
The cement maker’s turnover fell 3%, profit 15% in Jan-Mar
BD-Turkey can be trade gateways between Europe, South & SE Asia
Turkish business leaders discussed bilateral trade potential with FBCCI president
Economy
Misconceptions about risk management in import and export
Cross-border trade is the main driver of the economic progress of a country. The World Trade Organisation Trade Facilitation Agreement (WTO TFA) has set standards to facilitate global trade. Bangladesh ratified the TFA in 2016, and risk management is a unique measure of it..Risk management
BTRC to seek Tk 87.18 lakh dues from Software Shop
The Bangladesh Telecommunication Regulatory Commission (BTRC) has decided to seek dues totalling Tk 87.18 lakh from Software Shop and impose a fine of Tk 2 lakh on the company for violating different rules.
Inflation eases but stays above 9% in April
Inflation in Bangladesh fell seven basis points to 9.74 percent in April from a month ago on the back of declining prices of non-food items.
BTRC to purchase equipment to measure mobile tower radiation
The telecom regulator will spend Tk 12 crore to purchase equipment for measuring the levels of radiation emanating from mobile phone towers as it seeks to bolster its capacity to carry out such activities nationwide.
Banks go slow in raising interest rates even after BB cedes control
The interest rates on consumer loans, forced loans and overdue loans are likely to go up rapidly in the upcoming months, however.
Over 70% public projects not completed on time
As per the World Bank’s report on corruption in South Asian countries, almost 71 percent of the firms in Bangladesh are expected to give gifts to get an import licence, 42.5 percent to get a construction permit and 42 percent to get government contracts.
NBR may take host of measures to boost collection
The measures include keeping the tax-exempt income threshold unchanged at Tk 3.5 lakh, a move that is expected to increase revenue receipts and bring more people under the tax net.
Uncertain bets: bad stocks rule the roost
Investors who owned the issues of good companies that provided at least 50 percent dividend in their last financial year incurred losses in the first four months of 2024. On the other hand, people who bet on low-performing companies, which declared less than 15 percent dividends, saw their portfolio inflate.
Global Economy
Reserves fall below $19 billion, first time in 11 months
$1.63 billion of ACU payment was settled today
Deal for country’s second satellite in three months
The satellite, Bangabandhu-2, will be launched in 3 years
Renata ships first drug registered in Australia
The contraceptive pill named Levonorgestrel 1.5 mg is known by its brand name of Novella-1
Honda posts record profit, issues cautious forecasts
The company said net profit for the year to March soared 70 percent to 1.1 trillion yen ($7.1 billion) on sales of 20.4 trillion yen, up 20.8 percent from the previous year
DRIVERS’ WORK ABSTENTION / 700 TEUs of containers miss shipment at Ctg port
However, workers resumed operations today early morning
US to raise tariffs on Chinese electric vehicles: report
The move comes at the end of a long-awaited review of tariffs that were imposed during a trade war between Washington and Beijing
Musk says Tesla charger network will grow, days after layoffs
Elon Musk said Tesla would invest over $500 million this year to install new superchargers, just days after a report of massive layoffs
China consumer prices rise at faster rate in April
China's inflation rate quickened last month, official data showed Saturday, as the government works to boost spending in the world's second-largest economy
Organisation News
SSC exams: Syeda Anjuman Ara Girls School gets 100% success rate
Students of Syeda Anjuman Ara Girls School, founded in 2018 in Cumilla's Chauddagram, have had a 100% success rate in the 2024 SSC exams
Plan International celebrates 30yrs of journey in Bangladesh
Plan International celebrated its 30 years of journey in Bangladesh today
bKash's profit surged in 2023
Mobile financial service provider bKash logged a massive 504 percent year-on-year rise in profit in 2023.
Nasir becomes Shwapno's new MD
Sabbir Hasan Nasir has recently been appointed as managing director of Shwapno, a subsidiary of ACI Limited.
Remark-Herlan products draw visitors at US Trade Show
Remark-Herlan has emerged as a prominent player at the 29th US Trade Show 2024, captivating attendees with its array of authentic products crafted using modern technology.
German ambassador Troster meets ICCB president
German Ambassador to Bangladesh Achim Troster has held a meeting with members of the executive board of the International Chamber of Commerce Bangladesh (ICCB) at the ICCB secretariat in the capital’s Gulshan today.
BASIS holds election for executive council
Russell T Ahmed is set to retain his position as president of the Bangladesh Association of Software and Information Services (BASIS) as his panel, One Team, secured eight of the 11 positions available on the organisation’s executive council.
ICB Asset Management Company hands over 60% interim dividend to ICB
The Investment Corporation of Bangladesh (ICB) has received a dividend warrant for a 60 percent interim dividend declared by the ICB Asset Management Company.
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
State banks struggle while foreign lenders make hefty profit. Here’s why
Why is there such a huge discrepancy between multinational banks and state-run lenders despite operating in the same business environment? The reason is a lack of efficiency in making business decisions, business focus, and political bias.
Saif Powertec not publishing financial reports for 18 months
As a result, general investors remained in the dark about the financial performance of the company during this period.
No headway in curbing banks’ bad assets
The FID later backtracked following criticism from different quarters, including the International Monetary Fund (IMF), about the formation of a public corporation since state enterprises have usually underperformed in the country.
Withdrawals put BASIC Bank in liquidity crisis
BASIC Bank is experiencing a deep liquidity crunch as depositors have been withdrawing money for weeks following news that the state-run lender is going to be acquired by a private commercial bank.
'We must address the rising wealth, social gap'
The social and economic disparity continues to rise in the country and this has to be addressed before things get out of control, said noted economist Dr Hossain Zillur Rahman today
The next budget should push for clean and secure energy
The forthcoming national budget could create a renewable energy fund to further stimulate the renewable energy sector’s progress.
Russell T Ahmed reelected as BASIS president
Russell T Ahmed has been reelected as the president of the Bangladesh Association of Software and Information Services (BASIS) for a two-year term..M Rashidul Hasan was elected as senior vice president of the apex tread body of Bangladesh's ICT industry..It elected two other vice pre
Commodity prices to experience slight downturn in 2024 and 2025: World Bank
Commodity prices are projected to experience a slight downturn in 2024 and 2025 but are expected to remain above pre-pandemic levels, according to the World Bank
Southeast Bank’s profit declines 36% in first quarter
Southeast Bank made a profit of Tk 92.15 crore in the first quarter of 2024, a decrease of 36 percent year-on-year
Retailers, brands flock to Uttara
The consumer market in Uttara, a planned suburb in Dhaka city, has witnessed steady growth over the years, prompting many retailers and brands to expand their operations in the area.
